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Accounting 290 Final Exam Answers. Updated and Verified for 2015

Accounting 290 Final Exam Answers. Updated and Verified for 2015

ACC 290 Final Exam Answers

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Accounting Principles I

Free Final Exam Answers Preview for ACC 290

Q 103 - Stan's Market recorded the following events involving a recent purchase of merchandise: Received goods for $90,000, terms 2/10, n/30. Returned $1800 of the shipment for credit. Paid $450 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's merchandise inventory

Q 78 - The following is selected information from L Corporation for the fiscal year ending October 31, 2014

Based on the accrual basis of accounting, what is L Corporation's net income for the year ending October 31, 2014

Correct Answer: $174,000

Q 78 - What is the rationale for the internal control principle, segregation of duties?

Correct Answer: The work of one employee should, without duplication of effort, provide a reliable basis for evaluating the work of another employee.

Q 81 - La More Company had the Following transactions during 2013.

Q 83 - Howard Company had a transaction that caused a $5,000 increase in both assets and total liabilities. This transaction could have been a(n)

Q 88 - Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment. Eddy Auto Supplies

Q 102 - Which of the following describes the classification and normal balance of the Unearned Rent Revenue account?

Q 120 - The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $ 1,000 on hand. The adjusting entry that should be made by the company on June 30 is